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Burning Down the House: The Financial Fiasco in Under Ten Minutes (Updates)

With a couple of caveats (see the Ed Morrisey link), this video is an excellent look at the effect of social engineering interference on sound market principles. You may want to hit “pause” on occasion, as the video moves fast. Buckle up:

Keep an eye on Senator Bennett. If you watch the Fannie Mae/Freddie Mac donation list in the video (or click here), Bennett comes in fourth (at least, it took him 16 years to accumulate that amount). It will be interesting to see which side he ends up coming out on and if/how he spins the issue.

With the bailout vote failing in the House, Speaker Pelosi is blaming Republicans. Nice try – Democrats have the majority and she couldn’t deliver enough of her own party’s votes despite 66 Republicans supporting it. Nancy Pelosi failed.

UPDATE: Video link fixed. Now it’s 11 minutes long (so much for my post title!). I should also note, that I posted the video for the information on what lead to the mess rather than the endorsement stuff at the end.

UPDATE: More background on Pelosi’s failure. This audio is of Karl Rove on John Gibson’s show via Johnny Dollar’s Place. Fortunately for us, House leadership seems totally inept:

UPDATE: Fixed video link again. This one should stick. Music has changed and Time Warner now can not, legitimately, stop the video.

5 thoughts on “Burning Down the House: The Financial Fiasco in Under Ten Minutes (Updates)”

I’m an equal-opportunity blamer. It’s the fault of both Republicans and Democrats, with the small exception of people like Ron Paul, who understand that it’s not nice to fool the Mother Nature of Economics, because ultimately, you can’t. Paulson asked to be king in the recently-failed bailout scheme. A few years ago, Bush encouraged lenders to reduce mortgage down payments to virtually nothing.

Yes. That is why I included the link to Ed Morrisey’s comments. Nevertheless, those leading on the establishment and protection of the sub-prime market (Dodd, Frank, and Schumer) have a lot of explaining to do.